ArmInfo. $250 million is needed to launch the Amulsar mine, as stated by Armenian Economy Minister Gevorg Papoyan at the budget hearings in the National Assembly committees.
Of the total amount, as the minister noted, the company has secured $100 million, and plans to secure the remaining $150 million from local banks. "There are certain expectations of state assistance in this matter. The Ministry of Economy has commissioned an audit to determine whether we can proceed with this plan. If not, the company will need to seek other sources of financing, or proceed without Armenia's participation," Papoyan said. At the same time, the minister expressed hope that the mine will be operational in the fourth quarter, leading to a project growth of the mining sector from the current 3.7% to 5.3%.
